CHANGE IN USE OF PROCEEDS Sample Clauses

CHANGE IN USE OF PROCEEDS. The Shares were listed on the Stock Exchange on 10 December 2020 and the Net Proceeds raised from the Global Offering amounted to approximately HK$1,656.6 million, among which HK$480.4 million was allocated for funding the development of the batoclimab (HBM9161), which is a core product of the Company. Given that the Company entered into the License Agreement in licensing-out its core product (batoclimab (HBM9161)), the Board has resolved to re-allocate its unutilised Net Proceeds allocated for batoclimab (HBM9161) accordingly. This announcement is made by the Company pursuant to Rule 13.09 of the Listing Rules and Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). The Board is pleased to announce that on 10 October 2022, Shanghai HBM (as the licensor) and NBP Pharma (as the licensee) entered into the License Agreement, pursuant to which Shanghai HBM granted NBP Pharma an exclusive license under the Licensed Technology to develop, manufacture and commercialize the Licensed Products, one of the core products of the Company and was developed as a breakthrough treatment for a wide spectrum of autoimmune diseases in Greater China. The principal terms of the License Agreement are set out below:
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CHANGE IN USE OF PROCEEDS. Reference is made to the circular of the Company dated 28 July 2021 (the “Circular”) in relation to the Subscription, which set out, among other things, the intended use of the net proceeds from the Subscription. The net proceeds from the Subscription amounted to approximately HK$37.7 million. As at the date of this announcement, save for the repayment of bank loans amounting to approximately HK$22.0 million, the remaining net proceeds have not yet been utilised. Having carefully considered the current business environment and development needs of the Group, the Board has resolved to change the proposed use of the unutilised net proceeds in the amount of approximately HK$10.0 million, which was originally allocated for establishing two retail outlets to expand the sales channels for the food ingredients of the Group to the retail market, to (i) the capital expenditure for leasehold improvements, furniture, fixtures and equipment in respect of the New Openings; and (ii) the working capital purposes to support the operation of its catering business. Planned use Actual use of Unutilised CircularHK$ million announcementHK$ million announcement net proceeds HK$ million HK$ million General working capital Capital expenditure for the New Openings 5.7 – – – 5.7 – 5.7 5.5 Working capital for the catering business – – – 4.5 37.7 22.0 15.7 15.7 As at the date of this announcement, the Group is yet to identify suitable business premises for the setting up of the retail outlets as disclosed in the Circular. Given that the business and economic condition in Hong Kong has persistently been affected by the outbreak of Coronavirus Disease 2019 since January 2020 and the prospects of the food retail industry remain uncertain, the Board considers that a more cautious approach in relation to the execution of the Group’s plan in respect of establishment of retail outlets in Hong Kong should be adopted. Against this backdrop, the Board considered diversifying the Group’s business risk by further expanding its business into the Greater Bay Area market with substantial consumer groups and catering-related downstream business. The Board believes that the unutilised net proceeds should be re-allocated for its catering business, which is in line with the business strategies of the Group, to facilitate efficient allocation of financial resources and strengthen the future development of the Group, and it is appropriate and in the interests of the Company and the Shareholders as a whol...
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CHANGE IN USE OF PROCEEDS. If the Company determines that less than 95% of the proceeds of the Bonds will be used with respect to the Project as required by Section 144(a) of the Code or a change in use of the Project occurs such that the Project would no longer qualify for financing under Section 144(a) of the Code, the Company will call Bonds (or establish a defeasance escrow for the retirement of the Bonds) in an amount and at the time required pursuant to Section 1.142-2 of the Regulations.
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CHANGE IN USE OF PROCEEDS. Reference is made to the announcements made by the Company on 11 December 2015, 8 April 2016, 11 May 2016 (the “Announcements”), the circular published by the Company dated 27 December 2015 (the “Circular”) and the Annual Report 2016 of the Company (the “Annual Report”). Defined terms used herein shall have the same meanings as those defined in the Announcements, the Circular and the Annual Report, unless otherwise specified. As disclosed in the Circular, the gross proceeds from the issue of the Subscription Shares pursuant to the Subscription Agreement were approximately HK$2,267,525,000. The net proceeds from the issue of the Subscription Shares pursuant to the Subscription Agreement, after deduction of expenses and professional fees, amounted to approximately HK$2,261,000,000 (the “Subscription Proceeds”), amongst which approximately HK$1,127.63 million had been utilised as at 31 December 2016. The breakdown of the Company’s actual use of the Subscription Proceeds as at 31 December 2016, the actual use of the Subscription Proceeds from the date of completion of the Subscription to 31 December 2016 and the actual use of the Subscription Proceeds from 31 December 2016 up to the date of this announcement are as follows: Research and development which will 500 341.18 158.82 primarily be used to upgrade the Group’s TV products including but Dot TV, Slim TV, HDR (High Dynamic Range), etc Overseas market expansion in countries 400 135.29 60.77 tentatively targeting with high population including but not limited to India and Brazil, etc. Automation and technology and process 300 91.16 90.30 as at the date hereof but tentatively the mergers and acquisitions target should have synergy with the Group’s existing businesses in terms of R&D, supply chains, production, sales, user base and APRU value, etc.) Repayment of loans 500 500 0 General working capital 60 60 0 As at the date of this announcement, the use of the Subscription Proceeds has not exceeded the proposed use of the Subscription Proceeds as disclosed in the Circular and the total balance of the unutilised Subscription Proceeds was approximately HK$822.48 million, comprising (i) approximately HK$203.94 million originally allocated for overseas market expansion; (ii) approximately HK$118.54 million originally allocated for automation and technology and process improvement; and (iii) approximately HK$500 million originally allocated for mergers and acquisitions.
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CHANGE IN USE OF PROCEEDS. Based on the information currently available and the Board’s estimation of the future market condition, the Board has on 22 September 2017 resolved to reallocate and utilise the unutilised Subscription Proceeds in the following manner:
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CHANGE IN USE OF PROCEEDS. Reference is made to the announcement of Universe International Holdings Limited (the “Company”) dated 27 August 2015 (the “Announcement”) in relation to the disclosable transaction concerning the acquisition of 49% of the issued share capital of Glory International Entertainment Limited. Unless otherwise stated, capitalised terms used herein shall have the same meanings as those defined in the Announcement.
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CHANGE IN USE OF PROCEEDS. Reference is made to the Circular of the Company dated 24 June 2015 in relation to, among others, the Placing and the Rights Issue, and the Announcement. As stated in the Announcement, the Board had resolved to reallocate the proceeds from the Placing that were planned to settle the balance of the Final Consideration, i.e. a maximum of HK$18.3 million, to the provision of short terms loans under the Group’s money lending business. As at the date of this announcement, the Group has received the repayment of all the principal and interests of such short terms loans. Since the Final Consideration is now capped at HK$36,750,000, which is equal to the Initial Consideration, the Company does not have to make any further payment to the Vendor. Therefore, the Board has resolved to reallocate the aforesaid HK$18.3 million as general working capital of the Group.
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CHANGE IN USE OF PROCEEDS. Reference is made to the announcement of the Company dated 10 July 2019, in relation to, among other matters, the change in the use of un-utilised proceeds (the “Un-utilised Proceeds”) from the placing of new Shares completed on 22 December 2016. The Group believed that it would be in the interests of the Company and the Shareholders to re-allocate the intended use of the Un-utilised Proceeds to segments where revenue can be generated sooner and that approximately HK$567.6 million is to be applied for potential investment opportunities in the Fintech industry, of which USD50 million (equivalent to approximately HK$390 million) is to be applied to the subscription of shares in Bronzelink Holdings Limited (please refer to announcement of the Company dated 19 July 2019 for details). As the trade war between the United States and China seems to be intensifying and the general business environment in Hong Kong is not very encouraging recently, the Group considered that it is important to diversify its investment and revenue streams. In view of this, the Board has decided to re-allocate approximately HK$163.8 million of out the abovementioned HK$567.6 million to the Cooperation Agreement and establishment of the Joint Venture. Having considered the factors above, the Board is of the view that the Cooperation Agreement is an attractive investment that will fit into the Group’s business strategy and bring positive returns to the Group in the long run; thus, the Board considers that the Cooperation Agreement is in the interests of the Company and the Shareholders as a whole.
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Related to CHANGE IN USE OF PROCEEDS

  • Use of Proceeds The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the Prospectus under “Use of Proceeds.”

  • Allocation of Proceeds If an Event of Default exists, all payments received by the Administrative Agent (or any Lender as a result of its exercise of remedies permitted under Section 3.3) under any of the Loan Documents, in respect of any Guaranteed Obligations shall be applied in the following order and priority: (a) to payment of that portion of the Guaranteed Obligations constituting fees, indemnities, expenses and other amounts, including attorney fees, payable to the Administrative Agent in its capacity as such, the Issuing Bank in its capacity as such and the Swingline Lender in its capacity as such, ratably among the Administrative Agent, the Issuing Bank and Swingline Lender in proportion to the respective amounts described in this clause (a) payable to them; (b) to payment of that portion of the Guaranteed Obligations constituting fees, indemnities and other amounts (other than principal and interest) payable to the Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in proportion to the respective amounts described in this clause (b) payable to them; (c) to the payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Swingline Loans; (d) to payment of that portion of the Guaranteed Obligations constituting accrued and unpaid interest on the Loans and Reimbursement Obligations, ratably among the Lenders and the Issuing Bank in proportion to the respective amounts described in this clause (d) payable to them; (e) to the payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Swingline Loans; (f) to payment of that portion of the Guaranteed Obligations constituting unpaid principal of the Loans, Reimbursement Obligations, other Letter of Credit Liabilities and payment obligations then owing under Specified Derivatives Contracts, ratably among the Lenders, the Issuing Bank, and the Specified Derivatives Providers and in proportion to the respective amounts described in this clause (f) payable to them; provided, however, to the extent that any amounts available for distribution pursuant to this clause are attributable to the issued but undrawn amount of an outstanding Letter of Credit, such amounts shall be paid to the Administrative Agent for deposit into the Letter of Credit Collateral Account; and (g) the balance, if any, after all of the Guaranteed Obligations have been paid in full, to the Borrower or as otherwise required by Applicable Law. Notwithstanding the foregoing, Guaranteed Obligations arising under Specified Derivatives Contracts shall be excluded from the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Specified Derivatives Provider, as the case may be. Each Specified Derivatives Provider not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article XII for itself and its Affiliates as if a “Lender” party hereto.

  • Use of Proceeds; Margin Regulations The Company will apply the proceeds of the sale of the Bonds to repay existing indebtedness and for general corporate purposes and in compliance with all laws referenced in Section 5.16. No part of the proceeds from the sale of the Bonds hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute more than 2% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 2% of the value of such assets. As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

  • Disposition of Proceeds The Security Documents contain an assignment by the Borrower and/or the Guarantors unto and in favor of the Collateral Agent for the benefit of the Lenders of all of the Borrower’s or each Guarantor’s interest in and to their as-extracted collateral in the form of production and all proceeds attributable thereto which may be produced from or allocated to the Mortgaged Property. The Security Documents further provide in general for the application of such proceeds to the satisfaction of the Obligations described therein and secured thereby. Notwithstanding the assignment contained in such Security Documents, until the occurrence of an Event of Default, (a) the Administrative Agent and the Lenders agree that they will neither notify the purchaser or purchasers of such production nor take any other action to cause such proceeds to be remitted to the Administrative Agent or the Lenders, but the Lenders will instead permit such proceeds to be paid to the Borrower and its Subsidiaries and (b) the Lenders hereby authorize the Administrative Agent to take such actions as may be necessary to cause such proceeds to be paid to the Borrower and/or such Subsidiaries.

  • Application of Proceeds Subject to the terms of the First Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement, in each case, if executed, any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Borrower under Section 11.4 shall be applied: (i) first, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or thereunder; (ii) second, to the Secured Parties, an amount (x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit Outstanding; and (iii) third, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct; provided that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in clauses (i) through (iii) above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an “Eligible Contract Participant” (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

  • Distribution of Proceeds In the event that, following the occurrence and during the continuance of any Event of Default, any monies are received in connection with the enforcement of any of the Loan Documents, or otherwise with respect to the realization upon any of the assets of the Borrower or the Guarantors, such monies shall be distributed for application as follows: (a) First, to the payment of, or (as the case may be) the reimbursement of the Agent for or in respect of, all reasonable out-of-pocket costs, expenses, disbursements and losses which shall have been paid, incurred or sustained by the Agent in connection with the collection of such monies by the Agent, for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies, powers and privileges of the Agent or the Lenders under this Agreement or any of the other Loan Documents or in support of any provision of adequate indemnity to the Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to such monies; (b) Second, to all other Obligations and Hedge Obligations (including any interest, expenses or other obligations incurred after the commencement of a bankruptcy or other proceeding under any Insolvency Law) in such order or preference as the Majority Lenders shall determine; provided, that (i) Swing Loans shall be repaid first, (ii) distributions in respect of such other Obligations shall include, on a pari passu basis, any Agent’s fee payable pursuant to §4.2, (iii) in the event that any Lender is a Defaulting Lender, payments to such Lender shall be governed by §2.13, and (iv) except as otherwise provided in clause (iii), Obligations owing to the Lenders with respect to each type of Obligation such as interest, principal, fees and expenses and Hedge Obligations (but excluding the Swing Loans) shall be made among the Lenders and Lender Hedge Providers, pro rata, and as between the Revolving Credit Loans and Term Loans pro rata; and provided, further that the Majority Lenders may in their discretion make proper allowance to take into account any Obligations not then due and payable; and (c) Third, the excess, if any, shall be returned to the Borrower or to such other Persons as are entitled thereto.

  • Compliance with Laws; Use of Proceeds Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with all applicable Laws, including all Environmental Laws, in all respects; provided that it shall not be deemed to be a violation of this Section 8.1.7 if any failure to comply with any Law would not result in fines, penalties, remediation costs, other similar liabilities or injunctive relief which in the aggregate would constitute a Material Adverse Change. The Loan Parties will use the Letters of Credit and the proceeds of the Loans only in accordance with Section 2.8 [Use of Proceeds] and as permitted by applicable Law.

  • Payment of Proceeds Borrower shall forthwith upon receipt of all proceeds of Collateral, pay such proceeds (insurance or otherwise) over to Lender for application against the Obligations in such order and manner as Lender may elect.

  • Applications of Proceeds The proceeds of any such sale, lease or other disposition of the Collateral hereunder shall be applied first, to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys' fees and expenses incurred by the Secured Party in enforcing its rights hereunder and in connection with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations, and to the payment of any other amounts required by applicable law, after which the Secured Party shall pay to the Company any surplus proceeds. If, upon the sale, license or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Party is legally entitled, the Company will be liable for the deficiency, together with interest thereon, at the rate of 15% per annum (the "Default Rate"), and the reasonable fees of any attorneys employed by the Secured Party to collect such deficiency. To the extent permitted by applicable law, the Company waives all claims, damages and demands against the Secured Party arising out of the repossession, removal, retention or sale of the Collateral, unless due to the gross negligence or willful misconduct of the Secured Party.

  • Use of Proceeds of the Grant Section 3.01. The Recipient shall cause the proceeds of the Grant to be applied to the financing of expenditures on the Project in accordance with the provisions of this Grant Agreement. Section 3.02. The goods and services and other items of expenditure to be financed out of the proceeds of the Grant and the allocation of amounts of the Grant among different categories of such goods and services and other items of expenditure shall be in accordance with the provisions of Schedule 2 to this Grant Agreement, as such Schedule may be amended from time to time by agreement between the Recipient and ADB. Section 3.03. Except as ADB may otherwise agree, all goods and services to be financed out of the proceeds of the Grant shall be procured in accordance with the provisions of Schedule 3 to this Grant Agreement. Section 3.04. Withdrawals from the Grant Account in respect of goods and services shall be made only on account of expenditures relating to (a) goods which are produced in and supplied from and services which are supplied from such member countries of ADB as shall have been specified by ADB from time to time as eligible sources for procurement, and (b) goods and services which meet such other eligibility requirements as shall have been specified by ADB from time to time. Section 3.05. The Grant Closing Date for the purposes of Section 8.02 of the Grant Regulations shall be 30 June 2014 or such other date as may from time to time be agreed between the Recipient and ADB.

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